the Operation of Means of Payment and the Payments System in View of the Spread of the Coronavirus

Press Releases regarding the Operation of Means of Payment and the Payments System

Questions and Answers Regarding the Operation of Means of Payment

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Is the Zahav (RTGS) system operating?

Yes, the Zahav (RTGS) system is operating as in routine times—during regular business days from 7:45 to 18:30 and on Fridays and holiday eves from 7:45 to 14:00.

Additional information on Zahav’s days of operation can be found at the following link:

Zahav system operating days
Is it possible to withdraw cash from ATMs at any time?

It is possible to withdraw cash from ATMs at any time. The banks are ensuring that the ATMs are fill with banknotes and available for making withdrawals or deposits throughout the period.

In order to ensure the continued supply of withdrawal services from ATMs, it has been established that the banks, private operators of ATMs and the cash courier companies are critical workers and therefore the service continues uninterrupted and there is no concern of a shortage of cash in ATMs.

Is it possible to deposit checks in a bank account?

Yes, it is possible to deposit checks in the bank account on an ongoing basis.

Checks up to NIS 50,000 can be deposited via mobile device and without the need to physically arrive at the bank branch.

The finality of the check in the bank account will be established after 3 business days from the date the check is presented.

It is possible to be updated on the status of the current account and the status of a check deposit on the website or banking application.

Will authorizations to debit an account and standing orders be debited from a bank account at a branch that is closed?

Yes, authorizations to debit an account and standing orders will be debited on the dates set in routine times.

It is advised to follow the activity in an account through the website, banking application, or through the bank’s call center.

Click here for a list of banking corporations’ call centers (in Hebrew)

 

What are the debit and credit dates of the various means of payment? Answer:

1.      Cash: When withdrawing cash the debit in the bank account is immediate, and when depositing cash the credit in the bank account is immediate.

2.      Bank transfer: Presented in the account on the following day (T+1) with value date of day T.

3.      Check: Presented in the account on the following day (T+1) with value date of day T. However, the finality of the payment is on T+3.

4.      Deferred debit card: The date of the debit is in accordance with the agreement between the customer and the card issuer.

5.      Debit card: The debit in the bank account is immediate.

 

My bank branch is closed, can I carry out payment transactions in my account?

Yes, there is a range of ways to carry out payments via digital means or by phone.

For example:

1.      You can use a payment card or payment application for making payments via the Internet/online purchases.

2.      You can call the bank’s call center to carry out payment transfers.

3.      Checks/cash can be used for purchases or to pay for service.

4.      Checks can be deposited via mobile device.

 


Additional information on the payment system in Israel can be found at the Bank of Israel website at the following link:

https://www.boi.org.il/en/PaymentSystem/Pages/Default.aspx

Enquiries regarding the payment system can be sent to:

infops@boi.org.il